Weekly Fintech Update: Bi-Weekly News Summary 08/07 Edition
In the latest edition of the Fintech Times Bi-Weekly News Roundup, several significant partnerships and investments were announced, with a strong focus on Europe.
Firstly, the European Payments Initiative (EPI) has partnered with Belgian banks to roll out account-to-account (A2A) payment solutions. This collaboration aims to enhance payment efficiency across Europe, as the EPI continues its mission to create a unified, pan-European payments infrastructure [1][5].
Another notable development comes from Zap, a fintech firm that has launched a new payments product powered by Pay by Bank. This innovative product is designed to leverage bank-based payments for an improved customer experience [3][5].
TrafficGuard, a UK-based company, has appointed Miguel Lopes as its new chief product officer, marking a significant leadership change within the firm [2]. Meanwhile, France-based fintech Next Generation NGPES has selected Sumsub to deliver fraud prevention, identity verification, and AML compliance services [1].
Rekaz, a Saudi-based software startup, has raised $5 million in seed funding to expand its all-in-one operating system for service-based businesses. This investment will help Rekaz to further develop its platform and expand its reach [4].
Finmo, a fintech firm, has secured authorisation from the UK Financial Conduct Authority to operate as an electronic money institution (EMI). This authorisation allows Finmo to offer a wider range of financial services to its customers [2].
Be Clever With Your Cash has launched a new mortgage hub in partnership with Tembo, offering free expert advice, tools, and live rate comparisons. This partnership aims to provide homebuyers with a comprehensive resource for navigating the mortgage market [6].
MyBank has launched a new multilingual website to support further growth in markets including France, Belgium, Spain, and the Netherlands. The new website is designed to provide a seamless user experience for customers in these markets [7].
Paragon Bank has appointed 26PMX as a performance marketing agency for a digital/online campaign for their new savings app, Spring [8]. PPRO has appointed Michelle Eischeid as its new chief financial officer [9].
Firenze, a wealthtech firm, has partnered with Söderberg & Partners Wealth Management in the UK to offer flexible, asset-backed loans without selling investments. This collaboration aims to provide a new lending option for wealth management clients [10].
GoCardless has named Ian Boyd as its general manager for Australia and New Zealand [11]. Abound, an AI-powered lending platform, has reported strong financial performance, with a 151% increase in revenue to £66.8 million and a twenty-five-fold rise in net profit to £7.5 million [12].
Abound's growth reflects strong performance across its direct lending and B2B technology services, following a £250 million lending facility from Deutsche Bank and new partnerships with high street banks [13]. Microsoft has appointed Amr Kamel as its general manager for the UAE [14].
Lastly, Alibaba Cloud will invest $60 million over the next year to support global partners and accelerate AI adoption [15]. Currency.com has secured its 31st money transmitter license in Tennessee, part of its mission to achieve full licensure across all 50 states [16]. DIMOCO has appointed Drei Österreich as an agent under its Austrian payment licence, enabling Drei to offer carrier billing for both digital and non-digital goods in full compliance with PSD2 [17].
These key developments reflect ongoing innovation in the fintech sector, with a particular focus on partnerships between fintech firms and traditional banks to advance digital payments [1][3][5]. The collaborations and investments announced in this roundup demonstrate the continued growth and evolution of the fintech industry in Europe and beyond.
In the context of the Fintech Times Bi-Weekly News Roundup, the European Payments Initiative (EPI) has partnered with Belgian banks to focus on developing account-to-account (A2A) payment solutions within the business sector, leveraging technology to enhance payment efficiency across Europe [1][5]. Additionally, Zap, a fintech firm, has launched a new payments product powered by Pay by Bank, aimed at utilizing bank-based payments for an improved customer experience within the investing field [3][5].
